CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
| Revenues: |
|
|
|
|
| Earned insurance premiums |
$ 517,700,000
|
$ 557,800,000
|
|
$ 1,328,000,000
|
| Net investment income |
70,600,000
|
59,200,000
|
$ 212,900,000
|
180,200,000
|
| Net realized and unrealized investment gains (losses) |
(123,000,000.0)
|
83,900,000
|
31,600,000
|
251,200,000
|
| Interest income from BAM Surplus Notes |
6,800,000
|
7,500,000
|
20,600,000
|
22,500,000
|
| Change in fair value of BAM Surplus Notes |
(16,100,000)
|
|
(16,100,000)
|
0
|
| Product and service revenues |
121,100,000
|
68,800,000
|
285,100,000
|
138,700,000
|
| Net gain on sale of the Bamboo Group |
|
|
2,400,000
|
0
|
| Commission and fee revenues |
59,300,000
|
82,300,000
|
|
193,700,000
|
| Total revenues |
641,100,000
|
864,200,000
|
2,003,500,000
|
2,131,200,000
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
230,400,000
|
258,500,000
|
|
686,800,000
|
| Broker commission expenses |
22,000,000.0
|
27,000,000.0
|
62,500,000
|
62,300,000
|
| Insurance acquisition expenses |
115,300,000
|
111,800,000
|
|
308,400,000
|
| Cost of sales |
91,800,000
|
55,300,000
|
214,600,000
|
105,200,000
|
| Change in fair value of contingent consideration |
30,000,000.0
|
36,100,000
|
71,700,000
|
74,200,000
|
| Interest expense |
20,700,000
|
19,900,000
|
59,800,000
|
56,300,000
|
| Total expenses |
664,300,000
|
685,400,000
|
1,796,200,000
|
1,703,500,000
|
| Pre-tax income (loss) |
(23,200,000)
|
178,800,000
|
207,300,000
|
427,700,000
|
| Income tax (expense) benefit |
(6,400,000)
|
(17,100,000)
|
(32,000,000.0)
|
(39,600,000)
|
| Net income (loss) |
(29,600,000)
|
161,700,000
|
175,300,000
|
388,100,000
|
| Net (income) loss attributable to noncontrolling interests |
(9,400,000)
|
(47,900,000)
|
(42,000,000.0)
|
(117,500,000)
|
| Net income (loss) attributable to White Mountains’s common shareholders |
(39,000,000.0)
|
113,800,000
|
133,300,000
|
270,600,000
|
| Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
121,100,000
|
68,800,000
|
285,100,000
|
138,700,000
|
| Other Operations |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
300,000
|
2,900,000
|
|
19,100,000
|
| Net investment income |
13,500,000
|
6,200,000
|
42,500,000
|
24,500,000
|
| Interest income from BAM Surplus Notes |
0
|
0
|
0
|
0
|
| Change in fair value of BAM Surplus Notes |
0
|
|
0
|
|
| Net gain on sale of the Bamboo Group |
0
|
0
|
2,400,000
|
0
|
| Commission and fee revenues |
4,100,000
|
4,300,000
|
|
12,400,000
|
| Other revenues |
4,400,000
|
7,700,000
|
15,800,000
|
32,500,000
|
| Total revenues |
4,000,000.0
|
51,300,000
|
146,800,000
|
150,000,000.0
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
300,000
|
600,000
|
|
18,800,000
|
| Broker commission expenses |
0
|
0
|
0
|
0
|
| Insurance acquisition expenses |
100,000
|
1,000,000.0
|
|
7,000,000.0
|
| Cost of sales |
7,700,000
|
8,200,000
|
21,800,000
|
22,900,000
|
| General and administrative expenses |
28,300,000
|
66,200,000
|
117,900,000
|
170,300,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
700,000
|
700,000
|
2,000,000.0
|
1,700,000
|
| Total expenses |
36,700,000
|
75,100,000
|
141,700,000
|
194,900,000
|
| Pre-tax income (loss) |
(32,700,000)
|
(23,800,000)
|
5,100,000
|
(44,900,000)
|
| Other Operations | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
14,300,000
|
14,800,000
|
41,800,000
|
41,900,000
|
| Investments, Excluding MediaAlpha |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
(69,400,000)
|
76,200,000
|
92,000,000.0
|
249,600,000
|
| Investments, Excluding MediaAlpha | Other Operations |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
25,400,000
|
14,900,000
|
104,700,000
|
49,500,000
|
| MediaAlpha |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
(53,600,000)
|
7,700,000
|
(60,400,000)
|
1,600,000
|
| MediaAlpha | Other Operations |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
(53,600,000)
|
7,700,000
|
(60,400,000)
|
1,600,000
|
| P&C Insurance and Reinsurance (Ark/WM Outrigger) |
|
|
|
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
230,100,000
|
254,600,000
|
612,400,000
|
652,100,000
|
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
508,800,000
|
542,200,000
|
1,258,800,000
|
1,264,400,000
|
| Net investment income |
27,800,000
|
27,200,000
|
84,500,000
|
77,000,000.0
|
| Net realized and unrealized investment gains (losses) |
(40,300,000)
|
17,800,000
|
(42,700,000)
|
98,400,000
|
| Other revenues |
4,500,000
|
2,300,000
|
16,100,000
|
10,800,000
|
| Total revenues |
500,800,000
|
589,500,000
|
1,316,700,000
|
1,450,600,000
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
230,100,000
|
254,600,000
|
612,400,000
|
652,100,000
|
| Insurance acquisition expenses |
113,100,000
|
106,800,000
|
315,600,000
|
287,500,000
|
| General and administrative expenses |
59,500,000
|
61,700,000
|
151,400,000
|
154,100,000
|
| Change in fair value of contingent consideration |
30,000,000.0
|
36,100,000
|
71,700,000
|
74,200,000
|
| Interest expense |
4,200,000
|
4,400,000
|
12,400,000
|
12,900,000
|
| Total expenses |
436,900,000
|
463,600,000
|
1,163,500,000
|
1,180,800,000
|
| Asset Management (Kudu) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
0
|
0
|
|
0
|
| Net investment income |
20,700,000
|
18,000,000.0
|
60,500,000
|
56,700,000
|
| Net realized and unrealized investment gains (losses) |
(25,700,000)
|
36,100,000
|
66,000,000.0
|
80,900,000
|
| Interest income from BAM Surplus Notes |
0
|
0
|
0
|
0
|
| Change in fair value of BAM Surplus Notes |
0
|
|
0
|
|
| Net gain on sale of the Bamboo Group |
|
|
0
|
|
| Commission and fee revenues |
0
|
0
|
|
0
|
| Other revenues |
0
|
300,000
|
400,000
|
1,000,000.0
|
| Total revenues |
(5,000,000.0)
|
54,400,000
|
126,900,000
|
138,600,000
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
0
|
0
|
|
0
|
| Broker commission expenses |
0
|
0
|
0
|
0
|
| Insurance acquisition expenses |
0
|
0
|
|
0
|
| Cost of sales |
0
|
0
|
0
|
0
|
| General and administrative expenses |
2,900,000
|
4,700,000
|
11,800,000
|
12,300,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
7,400,000
|
6,100,000
|
21,700,000
|
18,600,000
|
| Total expenses |
10,300,000
|
10,800,000
|
33,500,000
|
30,900,000
|
| Pre-tax income (loss) |
(15,300,000)
|
43,600,000
|
93,400,000
|
107,700,000
|
| Asset Management (Kudu) | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
0
|
0
|
0
|
0
|
| Asset Management (Kudu) | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
(25,700,000)
|
36,100,000
|
66,000,000.0
|
80,900,000
|
| Asset Management (Kudu) | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| HG Global | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
8,600,000
|
7,500,000
|
24,000,000.0
|
22,800,000
|
| Net investment income |
7,900,000
|
7,000,000.0
|
23,400,000
|
19,800,000
|
| Net realized and unrealized investment gains (losses) |
(28,800,000)
|
7,200,000
|
(36,000,000.0)
|
20,300,000
|
| Interest income from BAM Surplus Notes |
6,800,000
|
7,500,000
|
20,600,000
|
22,500,000
|
| Change in fair value of BAM Surplus Notes |
(16,100,000)
|
0
|
(16,100,000)
|
0
|
| Net gain on sale of the Bamboo Group |
|
|
0
|
|
| Commission and fee revenues |
0
|
0
|
|
0
|
| Other revenues |
100,000
|
100,000
|
200,000
|
200,000
|
| Total revenues |
(21,500,000)
|
29,300,000
|
16,100,000
|
85,600,000
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
0
|
0
|
0
|
0
|
| Broker commission expenses |
0
|
0
|
0
|
0
|
| Insurance acquisition expenses |
2,100,000
|
2,000,000.0
|
6,300,000
|
5,900,000
|
| Cost of sales |
0
|
0
|
0
|
0
|
| General and administrative expenses |
400,000
|
1,000,000.0
|
5,300,000
|
2,600,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
3,800,000
|
4,300,000
|
11,100,000
|
13,400,000
|
| Total expenses |
6,300,000
|
7,300,000
|
22,700,000
|
21,900,000
|
| Pre-tax income (loss) |
(27,800,000)
|
22,000,000.0
|
(6,600,000)
|
63,700,000
|
| HG Global | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
0
|
0
|
0
|
0
|
| HG Global | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
(28,800,000)
|
7,200,000
|
(36,000,000.0)
|
20,300,000
|
| HG Global | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| Specialty Insurance Distribution (Distinguished) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
0
|
0
|
|
|
| Net investment income |
700,000
|
200,000
|
|
|
| Interest income from BAM Surplus Notes |
0
|
0
|
0
|
0
|
| Change in fair value of BAM Surplus Notes |
0
|
|
0
|
|
| Net gain on sale of the Bamboo Group |
|
|
0
|
|
| Commission and fee revenues |
55,200,000
|
14,100,000
|
151,400,000
|
14,100,000
|
| Other revenues |
800,000
|
200,000
|
2,300,000
|
200,000
|
| Total revenues |
56,000,000.0
|
14,300,000
|
153,700,000
|
14,300,000
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
0
|
0
|
|
|
| Broker commission expenses |
22,000,000.0
|
5,500,000
|
62,500,000
|
5,500,000
|
| Insurance acquisition expenses |
0
|
0
|
|
|
| Cost of sales |
0
|
0
|
0
|
0
|
| General and administrative expenses |
43,300,000
|
10,200,000
|
121,500,000
|
10,200,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
3,400,000
|
1,300,000
|
10,500,000
|
1,300,000
|
| Total expenses |
68,700,000
|
17,000,000.0
|
194,500,000
|
17,000,000.0
|
| Pre-tax income (loss) |
(12,700,000)
|
(2,700,000)
|
(40,800,000)
|
(2,700,000)
|
| Specialty Insurance Distribution (Distinguished) | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
0
|
0
|
0
|
0
|
| Specialty Insurance Distribution (Distinguished) | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| Specialty Insurance Distribution (Distinguished) | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| Services, Industrial and Consumer (WTM Partners) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
0
|
0
|
|
0
|
| Net investment income |
0
|
0
|
|
0
|
| Interest income from BAM Surplus Notes |
0
|
0
|
0
|
0
|
| Change in fair value of BAM Surplus Notes |
0
|
|
0
|
|
| Net gain on sale of the Bamboo Group |
|
|
0
|
|
| Commission and fee revenues |
0
|
0
|
|
0
|
| Total revenues |
106,800,000
|
54,000,000.0
|
243,300,000
|
96,800,000
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
0
|
0
|
|
0
|
| Broker commission expenses |
0
|
0
|
0
|
0
|
| Insurance acquisition expenses |
0
|
0
|
|
0
|
| Cost of sales |
84,100,000
|
47,100,000
|
192,800,000
|
82,300,000
|
| General and administrative expenses |
20,100,000
|
7,800,000
|
45,400,000
|
17,200,000
|
| Change in fair value of contingent consideration |
0
|
0
|
0
|
0
|
| Interest expense |
1,200,000
|
300,000
|
2,100,000
|
600,000
|
| Total expenses |
105,400,000
|
55,200,000
|
240,300,000
|
100,100,000
|
| Pre-tax income (loss) |
1,400,000
|
(1,200,000)
|
3,000,000.0
|
(3,300,000)
|
| Services, Industrial and Consumer (WTM Partners) | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
106,800,000
|
54,000,000.0
|
243,300,000
|
96,800,000
|
| Services, Industrial and Consumer (WTM Partners) | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| Services, Industrial and Consumer (WTM Partners) | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
0
|
0
|
0
|
0
|
| P&C Insurance Distribution (Bamboo) | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Earned insurance premiums |
0
|
5,200,000
|
0
|
21,700,000
|
| Net investment income |
|
600,000
|
|
2,000,000.0
|
| Interest income from BAM Surplus Notes |
|
0
|
|
0
|
| Commission and fee revenues |
0
|
63,900,000
|
0
|
167,200,000
|
| Other revenues |
0
|
2,300,000
|
0
|
6,400,000
|
| Total revenues |
0
|
71,400,000
|
0
|
195,300,000
|
| Expenses: |
|
|
|
|
| Loss and loss adjustment expenses |
0
|
3,300,000
|
0
|
15,900,000
|
| Broker commission expenses |
0
|
21,500,000
|
0
|
56,800,000
|
| Insurance acquisition expenses |
0
|
2,000,000.0
|
0
|
8,000,000.0
|
| Cost of sales |
|
0
|
|
0
|
| General and administrative expenses |
0
|
26,800,000
|
0
|
69,400,000
|
| Change in fair value of contingent consideration |
|
0
|
|
0
|
| Interest expense |
0
|
2,800,000
|
0
|
7,800,000
|
| Total expenses |
$ 0
|
56,400,000
|
$ 0
|
157,900,000
|
| Pre-tax income (loss) |
|
15,000,000.0
|
|
37,400,000
|
| P&C Insurance Distribution (Bamboo) | Operating Segments | Product and service revenues |
|
|
|
|
| Revenues: |
|
|
|
|
| Product and service revenues |
|
0
|
|
0
|
| P&C Insurance Distribution (Bamboo) | Investments, Excluding MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
|
200,000
|
|
500,000
|
| P&C Insurance Distribution (Bamboo) | MediaAlpha | Operating Segments |
|
|
|
|
| Revenues: |
|
|
|
|
| Net realized and unrealized investment gains (losses) |
|
$ 0
|
|
$ 0
|